Two-stage turbochargers are a recent solution to improve engine performance, reducing the turbo-lag phenomenon and improving the matching. However, the definition of the control system is particularly complex, as the presence of two turbochargers that can be in part operated independently requires effort in terms of analysis and optimization. This work documents a characterization study of two-stage turbocharger systems. The study relies on a mean-value model of a Diesel engine equipped with a two-stage turbocharger, validated on experimental data. The turbocharger is characterized by a VGT actuator and a bypass valve (BPV), both located on the high-pressure turbine. This model structure is representative of a “virtual engine”, which can be effectively utilized for applications related to analysis and control. Using this tool, a complete characterization was conducted considering key operating conditions representative of FTP driving cycle operations. The influence of VGT and BPV on the most significant engine variables and on the operating points of the two compressors was evaluated for different engine torque and speed conditions. The analysis is instrumental to understand the complex, nonlinear behavior of the VGT-BPV interaction.